Alexandria Housing Buys Virginia Community for $106M
- Feb 10, 2020
Alexandria Housing Development Corp. has acquired a 326-unit apartment community for $106 million. Formerly known as Avana Alexandria Apartments, the re-branded Parkstone Alexandria is located in Alexandria, Va. Its proximity to Arlington, Va.—Amazon HQ2’s impending headquarters—will assist with the efforts to continue development in the area.
Parkstone Alexandria apartments currently offers affordable housing with featured amenities such as fitness center, business center, swimming pool and available parking, according to Yardi Matrix.
JBG SMITH will serve as the property manager for the apartments at 3001 Park Center Drive. The redevelopment project will off 130 apartments for residents making up to 60 percent of the area median income and 114 apartments will be designated for residents making up to 80 percent of the area median income. The remaining apartments will rent as market rate.
VHDA allocated $5 million to the property and the city of Alexandria provided $8 million in loans for the acquisition. AHDC was also aided in the transaction by a $15.1 million loan from JBG’s Washington Housing Initiative Impact Pool. The project is the first use of VHDA’s Amazon REACH grant, a new VHDA financing tool that commits $15 million in funding per year for the next five years to create affordable housing in support of Amazon HQ2. The community received $5 million of the $15 million allocated for affordable housing in Northern Virginia this year.